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Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
 The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compared to 2009, according to the 2010 Global Shipping Benchmarking Analysis of PwC. But this does not mean that the shipping industry is on a safe path to recovery, since the deteriorating economic situation in Europe and the US have increased volatility and market uncertainty, impacting shipping companies’ performance as reflected in their reported results in the first half of 2011, which have been worse than the same period in 2010.
In its global benchmarking analysis, which is in its third year of publication, PwC has analyzed certain key performance indicators (KPIs) of 150 shipping companies from around the world. The results are based on an analysis of their published annual reports over the last five years including 2010. The analysis covers both quantitative and qualitative information and gives an insight into how these companies are facing recent challenges and the main drivers of performance in the shipping industry.
The analysis shows that the Container and the Dry Bulk subsectors were the best performers in 2010, while the Tanker subsector was the worst performer. With the exception of net debt ratio and the ratio of net fixed assets to sales ratio, all financial performance indicators stabilized or improved in 2010 compared to 2009.
Socrates Leptos-Bourgi, Partner of PwC in Greece and the PwC Global Shipping & Ports Leader, says: “We’ve seen improvements in freight rates across all trades in 2010, which combined with cost savings implemented in 2009, have improved the reported profitability of shipping companies in 2010. How good or bad things will get in the future depends on how well the world economy copes with the post financial crisis problems that the US is facing, the resolution of the European sovereign debt crisis, the challenge of rebuilding northern Japan and the prospects of the Chinese economy. However, given the pressures caused from the supply of new tonnage in the shipping markets, it will require an extraordinary performance on all accounts to bring the shipping industry back to a period where returns become relatively attractive again.”
While the world economy is still fragile, with increasing volatility and uncertainty prevalent across many sectors, businesses continue to face tightening credit conditions and limited liquidity. Financial institutions have toughened their positions, both in existing exposures and when making new facilities available. Under these conditions many companies were forced to restructure their loan facilities in an attempt to rectify existing issues with their facilities or in preparing for a tougher year ahead.
Approximately 60% of the container vessel owners covered by our analysis have reported restructuring of their loan obligations during 2010. The corresponding percentage for the dry bulk sector was 29% and for the tanker sector 12%. But significantly less owners foresee debt restructuring in 2011.
Second hand vessel sale & purchase activity was significantly lower in 2010 than in 2009. The number of reported sales was down by close to 20% compared to 2009. Vessel values were under pressure reflecting a weaker freight market, an increasing concern about the order book and in general a large number of potential sales candidates. The survey results demonstrate that asset impairments are at lower levels in 2010 compared to 2009 in most sectors, but especially in the dry bulk and tanker sectors. The container sector reported the largest share of impairments on vessels in 2010, with 42% of the companies incurring impairment losses.
Our analysis shows clearly lower levels of shipbuilding cancellations in 2010 compared to 2009. Especially in the dry bulk sector there was a dramatic reduction of vessel cancellations among the companies we have covered. The reduced shipbuilding cancellations were accompanied with a resumption of ordering activity. This may have been the result increasing cargo demand, the firming of freight rates and low newbuilding prices. Especially for the dry bulk sector the number of orders for new vessels increased two-fold. This trend is expected to change in 2011 as the lower growth in world trade and the increase newbuilding deliveries is likely to divert ship owners’ interest to other subsectors such as gas (LPG or LNG) carriers.
According to our analysis, the newbuilding ratio (calculated as the number of vessels on order divided by the number of vessels operated for all companies in our sample) stands at 25% for dry bulk vessels, 7% for tankers and 10% for containerships. However, these newbuilding ratios are significantly lower than those for the whole shipping market. We believe this is reflective of the fact that most of the companies in our sample are listed and, being accountable to a number of shareholders in the public markets, tend to follow more conservative strategies, while private companies have more risk tolerance and tend to take a more aggressive view of the market.
Finally, scrapping activity declined in 2010, despite very strong scrap prices and relatively weak hire rates. Looking at the dry bulk sector, scrapping activity was negligible in the second half of 2010. However, this trend is likely to change as the container and tanker sectors are under severe pressure from freight rates that declined to levels close to or below operating break-even levels and scrap prices remaining at attractive levels.
Source: PriceWaterHouseCoopers / Hellenic Shipping
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Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
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- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Australian Coal Association
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
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